Financial
Prescribing Directive: Articles VII and VIII, OHHA By-laws, and Article VI, OHHA CC&Rs
A. Budget
The Treasurer will oversee preparation of the annual plan for expenses based on committee needs and/or directives from the BOD. When approved at the annual business meeting of OHHA, this will be the basis for the yearly assessment charged to each homeowner. Included in the plan will be the amount (5% of budget) for contingency expenses. Any surplus checking or operating savings amounts remaining at the close of the prior fiscal year will be shown as an entry carried forward to the new fiscal year. Such amount(s) serve as a credit against anticipated costs of the total budget proposed.
B. Late Charges and/or Unpaid Assessment Interest
Any shareholder paying the annual assessment after the due date shown on the assessment invoice will be charged a late fee of 12% of the amount invoiced. This amount will be added to the assessment charge. Thirty (30) days beyond the original billing date, unless specific arrangements are otherwise made, unpaid assessments and late charges will bear interest accruing monthly at an annual rate of 12%. Actions by Small Claims Court (liens or judgments) will be pursued vigorously when interest charges commence.
ALTERNATE PAYMENT SCHEDULE POLICY
After the budget is passed at the general meeting in mid-April, the invoices for the yearly assessment are mailed to residents before the end of that month. Having given a minimum of 30 days notice, payments are then due May 31st, and are delinquent if not paid by June 1st of each assessment/fiscal year.
With approval prior to June 1st between the treasurer and the owner, delinquent payments may be made under a prorated payment plan. These payments, without penalty, may be made in three equal installments in May, June, and July of the assessment year in question.
As stated in the Texas Property Code: As of August of the year in question, late fees (12%) and interest (12% per annum) may be added as specified in the CC&Rs of the Oak Hollow Estates Homeowners Association, dating from June 1st, July 1st, or August 1st, depending on which month the payment is delinquent. If the total amount is not paid by August 1st, a written notice will be sent giving the owner 30 days to pay in full by September 1st. The notice will also state that the account either will be turned over to a collection agency or a lien will be filed if the account is not paid in full by September 1st.
Any special assessments that are levied will be given the same amount of time between the invoice and the three equal payments as above, provided there is a prior agreement between the treasurer and the owner.
According to Texas Code: If a payment plan is not completed as agreed, Oak Hollow Estates Homeowners Association is not required to enter into a payment plan with an owner who failed to honor the terms of a previous payment plan during the two years following the owner's default.
C. Copying Policy
Prescribing Directive: Texas Administrative Code Title 1, Part 3, Chapter 70, Rule 70.3
If the Board is asked to provide copies of any records, the following policy will apply:
COPYING POLICY:
RESEARCH, REVIEW, PRODUCTION
*Standard 8 1/2" x 11" copies, B&W $.10 per copy/one side only
Nonstandard copies - 11" x 17" B&W $.50 per copy/one side only
** Labor for locating, compiling, and reproducing public information $15.00 per hour
* The charge for standard copies reproduced by means of an office machine copier or a computer printer is $.10 per page or part of a page. Each side that has recorded information is considered a page.
** The charge for labor includes the actual time to locate, compile, manipulate data, and reproduce the requested information. A labor charge shall not be billed for requests of 50 pages or less, unless the records to be copied are located in: (A) Two or more separate buildings that are not physically connected with each other; or (B) A remote storage facility.
D. Capital Improvement Project
The term “Capital Improvement Project” (CIP) refers to the maintenance, repair and/or replacement of existing or original equipment, furniture, facilities, etc. Any expenditure for new facilities or equipment, such as a basketball court or pool shade cover, requires a Special Assessment vote (see Long Range Planning).
E. Rental of Clubhouse and Pool
The clubhouse and pool are intended for association members' use only. There is no charge for OHHA members and their immediate family using these facilities for non-exclusive social purposes. Non-members who are guests of members are allowed to use the clubhouse and pool, provided the number of non-members does not exceed six (6), and only in the company of an adult member. When an association member knows or anticipates this number will be exceeded, the member must reserve the clubhouse and/or the pool and remit the appropriate rental fee for such exclusive use.
Contact the OHHA Treasurer at least seven (7) days in advance to schedule rentals. If the Treasurer cannot be reached, contact the Vice President. For 1-4 hours the clubhouse rental is $35; 5-8 hours is $50; the pool rental is $45 for 1-4 hours and $65 for 5-8 hours; both are $75 for 1-4 hours and $90 for 5-8 hours. The rental payment is due at the same time of the reservation. (NOTE: The pool may not be rented for private parties on Memorial Day, Independence Day or Labor Day.) The OHHA member renting the facility is responsible for the conduct of persons using the facilities, as well as all cleanup and damage repair costs.
F. Transfer Fee
The purchaser of a re-sale home or otherwise improved plat will be charged a Transfer Fee of $50.00 to cover our costs for document reproduction and administrative efforts. The Title Company handling the closing will collect this fee from Purchaser. This collection will not apply to transfers of title from Developer to Contractor. It does apply to transfers of title resulting from new construction being sold by a contractor or developer.
OAK HOLLOW ESTATES HOMEOWNERS ASSOCIATION
RESALE CERTIFICATE
Chapter 207, Texas Property Code
Revised 2011
Resale Certificate concerning the Property (including any common areas assigned to the Property) located at ______________________________________, City of Kerrville, County of Kerr, Texas, prepared by the property owners association ("Association").
A. The Property __ is __ is not subject to a right of first refusal or other restraint contained in the restrictive covenants that restricts the owner's right to transfer the owner's property.
B. The current regular assessment for the Property is $____________ per year (May 1 to April 30).
C. A special assessment for the Property due after the date the resale certificate was prepared is $___________ payable as follows: _________________________________________________________________________________________________________________________.
D. The total of all amounts due and unpaid to the Association that are attributable to the Property is $________________.
E. The capital expenditures approved by the Association for its current fiscal year are $____________________.
F. The amount of reserves for capital expenditures is $_____________________________.
G. Unsatisfied judgments against the Association total $____________________________.
H. There __are __are not any suits pending against the Association. The style and cause number of each pending suit is:
__________________________________________________________________________________________________________________________.
I. The Association's board ____has actual knowledge ____has no actual knowledge of conditions on the Property in violation of the restrictions applying to the subdivision or the bylaws or rules of the Association. Known violations are: ________________________________________________________________.
J. The Association q has q has not received notice from any governmental authority regarding health or building code violations with respect to the Property or any common areas or common facilities owned or leased by the Association. A summary or copy of each notice is attached.
K. The Association fees resulting from the transfer of the Property are $_______________ payable to __________________________________________.
L. The Association's managing agent is _________________________________________
(Name of Agent)
_____________________________________________________________________________
(Mailing Address)
_____________________________________ _____________________________________
(Telephone) (Fax Number)
_____________________________________________________________________________
(E-mail address)
M. The restrictions q do q do not allow foreclosure of the Association's lien on the Property for failure to pay assessments.
N. Required attachments:
1. CC&Rs 5. Current Operating Budget
2. Rules/Policy Guidance Handbook 6. Certificate of Insurance concerning Property and Liability Insurance for Common Areas and Facilities
3. Bylaws 7. Any Governmental Notices of Health or Housing Code Violations
4. Current Operating Statement
NOTICE: THIS SUBDIVISION INFORMATION MAY CHANGE AT ANY TIME.
_____________________________________________________________________________
(Name of Association)
By: __________________________________________________________________________
Print Name ___________________________________________________________________
Title ________________________________________ Date____________________________
Mailing Address_______________________________________________________________
E-mail _______________________________________________________________________
G. General
The Treasurer (OHHA) maintains two separate banking accounts - a Checking Account and a Savings Account. All income, regardless of source, is deposited in a two section Savings Account. One section is used as the repository of general savings and the other the savings deposited for the Capital Improvement Plan (CIP). The CIP fund also includes long-term investments such as Certificate of Deposit. From time to time, transfers of monies from general savings into Checking are made as needed to support monthly expenses.
H. Document Retention Policy
Per Texas Property Code, Chapter 209, Revised 2011
All documents will be retained as follows:
(1) Certificates of formation, bylaws, restrictive covenants, and all amendments to the certificates of formation, bylaws, and covenants shall be
retained permanently;
(2) Financial books and records shall be retained for a minimum of seven years;
(3) Account records of current owners shall be retained for a minimum of five years;
(4) Contracts with a term of one year or more shall be retained for a minimum of four years after the expiration of the contract term;
(5) Minutes of meetings of the owners and the board shall be retained for a minimum of seven years; and
(6) Tax returns and audit records shall be retained for a minimum of seven years.
Revised 9/20/2011